HOW'S THE MARKET
It’s February in the ‘Boat, which means winter is in full swing. There is plenty of snow at the resort, fresh lines in the backcountry, and the cross country trails are pristine. The Winter Carnival starts on the 5th this year, and for the local kids out there, we’re sure they can’t wait for Blues Break (President’s week vacation). Whether you snowshoe, ski, or curl up by the fire, it’s time to make the most of your winter experience!
As of January 16, 2025, Routt County has 186 active residential listings, whereas there were 190 in the month of December. Thus, as typical this time of year, active listings are remaining relatively flat. Looking back, there were 29 pending properties in December, November had 34, and a year ago (December 2023) there were 26. Closed residential listings county-wide in December, 2024 (44) decreased from November (54), and decreased further from October (71). We generally see the number of sold transactions begin to decrease in the early Fall, but this year those closed transactions remained a little more steady into the beginning of winter. Seeing them now drop is not unusual in regards to the seasonal trends, they’ve just been pushed back a few months. We’re not sure why that happened, but we’re guessing it was due to elevated mortgage rates (and the expectation they would be lowered in the Fall) and summer travel.
According to Freddie Mac, the national average for a 30-year fixed rate mortgage as of January 16, 2025 was 7.04%, a .11% increase from last month. Rates continue to hover around the 7% range, even after the FED funds rate cuts at the end of 2024. Economists are saying the US economy is to blame because it continues to post strong numbers (the December Jobs report indicated a much stronger labor market than anybody was anticipating).
In Steamboat, the Yampa Valley Housing Authority is advising potential applicants for the Cottonwoods at Mid-Valley to get their financial affairs in order now so they will be qualified to apply when the lottery opens later this year. On another note, the Overlook Park has been purchased, a housing development located between Downhill Dr and the future site of the Brown’s Ranch. They have renamed this area to The Glen, and plan to develop a series of single family homes there in 3 phases. They anticipate this area to closely resemble the look and feel of the Sunlight neighborhood, which is also on that side of town. For more information on these opportunities, contact your broker at The Group.
We hope the rest of your winter is incredible and you are able to enjoy the winter activities that bring you joy. At The Group, we are thankful to be your trusted advisors in real estate. Please reach out to your broker if you have questions about the Steamboat market, or if you would like a real estate review of your current property.
STAGECOACH MOUNTAIN RANCH TO TRANSFORM THE FUTURE OF SOUTH ROUTT
Stagecoach Mountain, located just 25 minutes outside of Steamboat Springs, Colorado, is poised for a transformative development. Originally developed in the early 1970s as the Stagecoach Ski Area, the project faced an abrupt halt when it went bankrupt, leaving behind unfinished plans and infrastructure. In a new chapter for this privately owned property, Stagecoach Mountain Ranch (SMR), will be a luxury private residential community spearheaded by developers, Arizona-based, Discovery Land Company.
Discovery Land Company, founded in 1994 by Mike Meldman, is known for creating some of the world’s most exclusive private communities. With more than 30 properties in its portfolio—including the well-known Yellowstone Club in Big Sky, Montana—Discovery’s approach combines luxurious living with private, member-only amenities. Stagecoach Mountain Ranch is set to follow this model, offering a private enclave for homeowners seeking an extraordinary lifestyle, with amenities that include skiing exclusively for residents, an equestrian center, and a range of recreational facilities. This level of exclusivity is similar to the highly successful models of Yellowstone and Estancia in Scottsdale, Arizona.
One of the key elements of SMR’s design is its commitment to maintaining privacy and reducing the impact on the surrounding community. By limiting access to the property, including skiing to homeowners, SMR aims to reduce traffic congestion in Stagecoach and prevent any negative effects on local property values and taxes. The development is also designed with sustainability in mind, ensuring that the surrounding environment is preserved while introducing new public amenities and services to the Stagecoach area.
The current development plan for SMR includes 613 housing units spread across approximately 5,057 acres of private land in South Routt. The project will feature a mix of residences, including homes and essential housing units, with a focus on creating diverse living spaces to accommodate a range of residents. This includes 95 essential housing units and 42 employee housing units, ensuring that the development addresses local housing needs. The community will also include a marketplace, with potential services such as a market, daycare center, café, and gas station, all in line with the 2017 Stagecoach Community Plan.
Additionally, SMR will incorporate extensive recreational and civic amenities. These include Alpine and Nordic ski facilities, sports courts, and trails, which will be accessible to residents of the ranch. The project will also enhance local infrastructure, including improvements to Routt County Road 14 and contributions to public services such as the Oak Creek Fire Protection District and the Morrison Creek Water and Sanitation District.
At full build-out, SMR is expected to generate significant economic benefits for the region. The project is projected to contribute $29 million annually in property tax revenue—roughly equal to the current annual property tax revenue for all of Routt County. These funds will support public services and infrastructure improvements, providing long-term fiscal stability for the area, especially as the region transitions away from its coal-based economy.
In addition, the development will contribute to the local job market, along with housing to support the employment opportunities. The integration of public amenities, such as the marketplace and recreational spaces, will further enhance the quality of life for both residents and local communities.
As SMR moves through its approval process, it promises to be one of the most closely watched developments in Routt County’s history. While some local residents express concerns about its potential impact on the area, the project has been designed with a balance of luxury and sustainability in mind, with significant contributions to the local economy and community infrastructure. As it continues to unfold, SMR is shaping up to be a defining development for the region—blending the allure of private, exclusive living with the needs and interests of the broader South Routt community.
STEAMBOAT BASE VILLAGE OPENS ONLINE AUCTION
Since it first opened in 1963, Steamboat Resort has operated out of one base area, which looks set to change. In December 2024, FallsCreek Group LLC, owners of a 59-acre property known as Steamboat Base Village announced the offering of their property on an online auction.
The land for Steamboat Base Village, which could serve as the north entrance to the resort, was approved 50 years ago for development. Recent figures at the resort show an average of 1.4 million skiers annually. Considering Steamboat is now the second largest ski area in Colorado, the need to operate beyond a single base portal is evident.
Steamboat Base Village could offer a mix of hotels, residence clubs and retail opportunities from its slopeside location. The village would additionally serve direct access to the new expanded expert terrain at Mahogany and Pioneer Ridge.
Since the early 2020s, Steamboat Resort has undergone a massive multi-million dollar, multi-year investment improvement campaign. The existing base area underwent significant upgrades and celebrated the opening of The Range Food and Drinks Hall, a new stage area for live events and the ever-popular Skeeter’s Skating Rink.
In a move to relocate new skiers and snowboarders away from the crowded base area, the resort opened Greenhorn Ranch a purpose-built instructional area. It features a new beginners’ chairlift, four beginner magic carpets, 30 snow guns, and terrain-based learning technology features on 14 beginner-sculpted acres.
The installation of Wild Blue Gondola a new, 10-person, state-of-the-art gondola is the longest and fastest 10-person gondola in the country, offering base-to-top access in one single lift.
Last year the resort went from the fifth to the second largest ski area in Colorado with the opening of an additional 650 acres of terrain at Mahogany Ridge.
In a news release from FallsCreekGroup, LLC, they askers bidders to submit an application by email and agree to return a signed non-disclosure agreement. Interested parties must email their name, company, company officer names, phone, mailing address, proof of funds (pre-approved letter from a lender, bank statement, or letter of credit).
(Disclaimer: The contents herein are the opinions of the FallsCreek Group, LLC, Steamboat Mountain® and are not in any way based on the information or endorsements from the Steamboat Ski Resort®. The auction may be withdrawn at any time without notice.)
STEAMBOAT RESORT BASE AREA LOOKS SET FOR A $500 MILLION INVESTMENT
The Steamboat Springs City Council has given initial approval for a major mixed-use development project that promises to significantly transform the Steamboat Resort base area. The development, named The Stockman, is set to occupy a prime vacant lot at 1965 Ski Time Square Drive, nestled between the Torian Plum Condominiums and T Bar at Steamboat. With a proposed investment of $500 million, The Stockman will feature 204 multi-family condominiums, 41 hotel rooms, and over 24,000 square feet of commercial space, marking one of the largest projects in the city’s history.
Developed in partnership by Alterra Mountain Co. and Fort Worth-based Majestic Realty Co., the project is positioned as a luxury offering for both residential and hospitality markets. Craig Cavileer, a representative of Majestic Realty Co., emphasized the vision for a high-end, four- to five-star property designed to enhance the area’s appeal. The development will include several upscale amenities, such as multiple restaurants, bars, and a day spa. Once completed, it is expected to generate approximately 140 full-time jobs, underscoring the economic benefits to the local community.
The City Council’s support for the project was strengthened by its alignment with the broader goals outlined in the Mountain Area Master Plan and Steamboat Springs Area Community Plan. Council members expressed enthusiasm about the potential of the development to rejuvenate a long-underutilized part of the resort base. The Stockman will occupy land that was once the Thunderhead Condominiums and has been vacant since 2008. Council member Steve Muntean noted that the project could serve as a catalyst for further development in the area. Council member Joella West echoed this sentiment, stating that the proposal addresses a long-standing gap in the area's development and fulfills a long-term vision for the resort base.
Despite the excitement surrounding the development, The Stockman does not include provisions for workforce housing, which has been a topic of ongoing debate in Steamboat Springs. However, Council members noted that workforce housing was not a mandated requirement for this type of project, as outlined in the city’s development guidelines. This decision has raised questions about how future developments may address the growing demand for affordable housing in the area.
Additionally, the project requires three major variances from Steamboat Springs' building code, all of which were endorsed by planning staff. These variances include adjustments to retaining wall standards, building massing requirements, and roof form standards. The City Council expressed confidence in the design and planning, with Council member Michael Buccino calling the variances “reasonable” from a design standpoint.
With The Stockman poised to be one of the most significant real estate developments in Steamboat Springs, its successful completion is expected to bring both substantial economic impact and further revitalization of the Steamboat Resort base.